WESTGATE MIDCO LIMITED

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Cooper Parry Group Limited

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Group structure

1. WESTGATE MIDCO LIMITED · parent
   1. Modern Networks Limited · IT, Telecommunications and Internet Services
   2. Wave 9 Managed Services Limited · IT, Telecommunications and Internet Services

Significant events

• “The group underwent a financial restructure which completed in March 2025. The company is now wholly owned by a new parent company, Pilkerton Limited, which is owned by Elm Corporate Credit DAC who also provide the senior, secured loan facility and management. All historic covenant breaches have been waived, with covenants put in place for the period from June 2025.”
• “As part of the wider financial restructure, a targeted cost reduction programme was undertaken between January and March 2025 which led to the exit of 12 heads, principally from the wider management team.”
• “To help accelerate the group's strategy and provide additional experience to the leadership team, several senior managers joined during the year. The group's Chief Executive Officer joined in September 2024, with the Chairman and Chief Operating Officer joining in March 2025 and the Chief Financial Officer joining in October 2025.”
• “The group continues to streamline its support systems, including the roll out of the highly automated Halo Professional Services Automation ("Halo PSA") ticketing and performance tracking system during the year. There has also been a significant investment in migrating from private infrastructure to cloud based services, providing higher levels of agility and reducing cost.”
• “On 29 July 2025 a charge was registered at Companies House in favour of Elm Corporate Credit in connection with the refinancing of the group. The charge is secured over the company's assets.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +20.5%

  £21,711,000 → £26,159,000

• Cash

  -39.3%

  £1,053,000 → £639,000

• Net assets

  +53.3%

  -£41,808,000 → -£19,542,000

• Employees

  -1.8%

  166 → 163

• Operating profit

  +11.6%

  -£3,687,000 → -£3,261,000

• Profit before tax

  +86.1%

  -£31,724,000 → -£4,421,000

• Wages

  +11.6%

  £6,455,000 → £7,206,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers